Oil prices pare losses as stocks gain, US inflation data in focus

iol.co.za —

Stocks mostly rose Wednesday as oil prices pared heavy losses from the previous day, though gains were tempered by a slight recovery in crude during Asian trading. Brent crude fell more than two percent Tuesday but edged up to $103.73 per barrel Wednesday, while West Texas Intermediate dropped over three percent before recovering. The decline followed hopes for a US-Iran deal, Saudi Arabia restoring half its East-West pipeline capacity, and Trump releasing emergency reserves. Investors awaited US inflation data that could influence Federal Reserve rate decisions, with Treasury yields at multi-decade highs. New York Fed chief John Williams suggested no urgency for another hike, citing time to gather more information.


With a significance score of 1, this news ranks in the top 67% of today's 33538 analyzed articles.

Get summaries of news with significance over 5.5 (usually ~10 stories per week). Read by 10,000+ subscribers: